The analysts forecast the global stainless steel market to grow at a
CAGR of 5.34% during the period 2018-2022.

Stainless steel is an iron-based alloy that contains at least 10.5%
chromium by mass. Alloys like nickel, titanium, columbium, and
molybdenum can be added to stainless steel during melting. Stainless
steel has high resistance to corrosion, rust, and staining with water,
unlike ordinary steel.

One trend in the market is growing demand for stainless steel scrap.
Globally, the use of scrapped steel is increasing to reduce the carbon
footprint. The recycling of steel and stainless steel scrap improves the
industry's economic viability and reduces the environmental impact by
reducing the need for iron ore extraction for stainless steel production.

One driver in the market is upsurge in consumption of high-strength
stainless steel. The application of high-strength stainless steel for
architectural, industrial, and consumer applications is increasing as it
offers higher fatigue strength and adds toughness to the steel products.
Its high strength-to-weight ratio and superior qualities such as
affordable costs will further boost the application of high-strength
stainless steel across various end-user industries.